JLL Capital Markets announced today that it has closed the $266 million sale of six Class A office assets totaling 1.247 million square feet in Phoenix, Arizona.
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JLL represented City Office REIT, Inc. (NYSE: CIO) in the sale of the properties to Southwest Value Partners. The transaction is the first closing in the sale of City Office REIT, Inc’s. Phoenix portfolio, which also includes Pima Center that is expected to close at a later date, subject to the company obtaining certain approvals related to the property’s ground lease.
The portfolio consisted of the following six properties located throughout the Phoenix metropolitan area:
| Property | Address | Submarket | Square Feet |
| Block 23 | 101 E Washington St. | Downtown | 307,000 SF |
| 5090 N 40th St. | 5090 N 40th St. | Camelback Corridor | 173,000 SF |
| SanTan | 3100-3200 W Ray Rd. | Chandler | 267,000 SF |
| Papago Tech | 1600-1700 N Desert Dr. | Tempe | 163,000 SF |
| The Quad | 6200-6390 E Thomas Rd. | Scottsdale | 163,000 SF |
| Camelback Square | 6991 E Camelback Rd. | Scottsdale | 174,000 SF |
The properties have strategic locations near Sky Harbor International Airport, executive housing and major Phoenix thoroughfares, including Interstate 10.
JLL’s Capital Markets team representing the seller was led by Senior Managing Director Ben Geelan, Managing Director Will Mast and Senior Director Charlie von Arentschildt, with advisory services provided by JLL Senior Managing Directors Sher Hafeez and Michael Leggett, Director Dan Freese and Associate Josh Lieberman.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
